Machine learning continues to take center stage in fraud prevention for the payments industry. Mexico-based payments processor MIT will use U.K.-based Featurespaces’ real-time, machine-learning platform to detect anomalies in individual behavior for fraud and risk management for its 17,000 merchant partners.
The Incentive Marketing Association (IMA) honored industry leader Brian Dunne, CPIM, managing director, Giftcard Consulting, with the Karen Renk Fellowship Award, which the trade group presented at its annual IMA Summit last week.
The Payments Strategy Forum, created by the UK’s Payment Systems Regulator (PSR) in 2015, has launched a consultation on its blueprint for a new payments system for the UK. Calling it “the most radical change to the payments industry since the 1960s”, the Forum says the New Payments Architecture (NPA) is designed to “provide simpler […]
Several major payments companies have released Q2 earnings, including The Bancorp, Discover, Mastercard and PayPal. Overall, payments volume is on the rise and partnerships are proving particularly important for PayPal, which has been on tear with recent strategic announcements.
Several major payments companies released second-quarter earnings this week, including The Bancorp, Discover, Mastercard and PayPal. Overall, payments volume is on the rise and partnerships are proving particularly important for PayPal, which has been on tear with recent strategic announcements.
Recent research from Blackhawk Network reveals that mobile and contactless payment options can help brands to engage with consumers by driving traffic and incremental sales, reducing shopping cart abandonment and supporting customer acquisition.
The Bancorp Inc. has created a new senior-level team, it says, will strengthen its operations and risk management functions by developing a more productive and efficient operating environment.
Visa and Marqeta, the open API payment card issuing platform, have formed a multiyear, global partnership to “drive further innovations in commercial and consumer payments”. What’s more, Visa has made a strategic investment in Marqeta to support the company’s domestic and international growth. Initially, the partnership will involve expanding opportunities for virtual, physical and tokenised […]
Facebook CEO Mark Zuckerberg has cast his sights on monetising his OTT platforms Messenger and WhatsApp, but don’t expect miracles any time soon, reports Telecoms.com (Banking Technology‘s sister publication). The financial performance of the company is exactly what you would expect; another quarter of monstrous growth. Total revenues hit $9.164 billion, a year-on-year increase of […]
Swiss company SIX Payment Services is establishing a larger presence in the German market with its acquisition of the Frankfurt-based girocard network operations.
The delightful duo of big data and cybersecurity have fuelled the revenue rise for IT services corporation Atos. In its first half 2017 results, Atos’ “strongest H1 ever”, the firm revealed a revenue in big data and cybersecurity of €357 million – a rise of 13.8% organically. Thierry Breton, chairman and CEO, says: “Either on […]
Bread but with the bluster removed. Following on from yesterday’s concise report, our latest fintech funding round-up keeps it brief. Features Cleo, Skype, ItzCash, Ebix and research from Innovate Finance. The “Siri of personal finance,” Cleo, a virtual money assistant, has received £2 million in funding from Skype’s co-founder Niklas Zennström and venture capital (VC) […]
For any organization regularly processing card-not-present (CNP) payments, boarding the fintech bandwagon is a must. There are three key fintech developments—APIs, regtech and cybersecurity strategies—you need to embrace (or face disruption).
The U.S. House of Representatives voted on July 25 in favor of HJR 111 to repeal the CFPB’s final rule on arbitration agreements. The vote was 231-190, but the companion resolution in the Senate may be on the back burner for a while as the Senate focuses on budget and health care battles.
This open letter from German fintech figo is not about the usual pros and cons of this debate, but intends to provide the European Council with actual solutions, i.e. smart trade-off ideas that could mean an end to the everlasting screen scraping debate and eventually the RTS process.
Varo Money is looking to become a true challenger bank, complete with a national bank charter.
Payably, which offers a platform that integrates mobile payments with QuickBooks Online data in real time, is working with CardConnect to “simplify and speed up” mobile payments for merchants, including initial onboarding and processing and receiving payments, reports Paybefore, Banking Technology‘s sister publication. The strategic partnership also gives Payably the ability to offer “competitive” card […]
PayNearMe is expanding to Blackhawk Network retail partner locations, starting with Casey’s General Stores.
Payably, which offers a platform that integrates mobile payments with QuickBooks Online data in real time, is working with CardConnect to “simplify and speed up” mobile payments for merchants, including initial onboarding and processing and receiving payments.
Whether you call it dinero or dough, the fintech funding does flow! This latest round-up features Revolut, Constellation Digital Partners, Paytm, Mobiquest Mobile Technologies and Wesleyan Bank. Following on from the $66 million raised in a Series B round, UK-based payments start-up Revolut is looking for an additional £4 million in exchange for shares in […]
Photopay, the payment receipt scanning solution from Microblink, is now available in more countries including France, Norway, Spain and Sweden, reports Finovate (Banking Technology’s sister company). The news is the latest step in Microblink’s European expansion – begun four years ago – and brings the company’s data extraction technology to an even wider range of SME customers. […]
Do you know any special women in technology who have made a huge contribution to fintech? Then we want to know! Banking Technology and FemTechGlobal, a global diversity and inclusion organisation, are again on the look-out for all amazing women who deserve the Woman In Technology (W.I.T.) Award, part of Banking Technology’s 2017 annual Awards show. […]
As promised, Congressional Republicans have introduced joint Congressional Review Act resolutions to repeal the CFPB’s recently finalized rule on arbitration agreements. The House is expected to vote July 25 on its version of the resolution (HJR 111), which Rep. Keith J. Rothfus (R-Penn.) introduced in the House on July 20 with 33 co-sponsors.
It’s hard to say which is more compelling. On July 21, Paysafe Group plc announced plans to acquire Merchants’ Choice Payment Solutions for $470 million while also considering its own buyout bid from Blackstone and CVC Capital Partners, which the Telegraph reports is worth £2.9 billion (US$3.7 billion).
iPayment Inc., a payments processor that specializes in small and medium-size businesses, has hired industry veteran John Badovinac to serving as vice president, integrated payments.
NCR Corp. on July 24 announced partnerships with Grubhub and DoorDash that it says will improve payments, order-ahead and delivery services for restaurants.
Ant Financial created the world’s largest money market fund in four years by enabling mobile wallet users to move money to the fund simply within the mobile app. The program’s meteoric rise shows that consumers are willing to adopt financial services from new players and the mobile device can supercharge that consumer shift of assets if incumbents don’t react quickly enough.
The Fed’s Faster Payments Task Force isn’t kidding when it says it wants every U.S. consumer and business to be able to accept faster payments by 2020. It’s an ambitious plan, no doubt. But with the release of its final report on July 21, detailing 16 proposed faster payment solutions and outlining possible approaches, the task force is making a serious call to action.
It was a busy week for second- and fiscal third-quarter earnings reports, with American Express, Bank of America and Visa all beating Wall Street expectations, and Blackhawk Network, which also beat analyst predictions, talking international growth, double-digit digital gift card sales and new partner Target set to roll out in Q3.
Mastercard can breathe a sigh of relief as the £14 billion (US$18.15 billion) lawsuit—a collective action over card charges that were passed on to shoppers—has been stopped by the U.K.’s Competition Appeals Tribunal.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
In payments, the big guys just keep getting bigger and more diversified. Ingenico Group on July 20 announced its €1.5 billion (US$1.74 billion) purchase of Sweden-based payments company Bambora from Nordic Capital.
Pay Award-winning Karmic, which offers an integrated payment and expense management solution, has raised $17.2 million in a Series B round of financing. Wei Hopeman and Jim Whims have joined its board of directors.
Less than two months following the initial announcement from partners Netspend, a TSYS Company, and United Airlines, the prepaid industry’s first air miles rewards card is now available online. Paybefore readers believe more prepaid providers will follow suit with air miles rewards of their own.
It’s been a busy week for mobile wallet partnerships – and this round-up can help. Features Apple Pay, ANZ, CaixaBank, Starling and Samsung Pay. Banking Technology’s sister publication Paybefore reports. Australia and New Zealand-based banking group, ANZ, is rolling out Samsung Pay to customers in Australia. The bank says it’s the only major Australian bank […]
An early interest in credit cards hooked Jim Schafer on payments. Since then, his work has taken him across the globe in roles as diverse as programming and human resources. But it’s his current role as senior compliance director of FIS Payments that has led him to be named one of Paybefore’s Compliance Titans.
The UK’s HM Treasury is banning surcharges on credit and debit card payments. For prepaid card providers, the new rules put significant fee income related to card-loading at risk, according to Polymath Consulting. Banking Technology‘s sister publication Paybefore reports that the HM Treasury is putting an end to “rip-off” fees related to paying with a […]
The U.K.’s HM Treasury is banning surcharges on credit and debit card payments. For prepaid card providers, the new rules put significant fee income related to card-loading at risk, according to Polymath Consulting.
Mastercard has entered into an agreement to acquire Brighterion Inc., a software company specializing in artificial intelligence. This acquisition follows Masterdard’s March acquisition of NuData Security and will further expand Mastercard’s capabilities to “deliver an enhanced customer experience and security.”
It’s been a busy week for mobile wallet partnerships. Several companies announced deals to offer mobile wallets to their customers in the U.K., Australia and Europe. Challenger bank Starling says it’s the first in the U.K. to offer in-app provisioning.
